Voalte raises $17 million in Series D financing
Voalte, a leader in healthcare communication technology, announced a new capital infusion of $17 million by Ascension Ventures, Cerner Capital, an affiliate of Cerner Corporation, and Bedford Funding. Series D funding closed on July 27, 2015, bringing the total capital Voalte has raised to nearly $60 million in three years.
The new capital will be used to sustain a triple-digit growth trajectory for Voalte. The privately held company grew revenue by 250 percent year-over-year in the second quarter, due in large part to continual product innovation as well as a rapidly expanding customer base. Last quarter alone, 44 new sites signed with Voalte for their healthcare communication solutions, which are now used by tens of thousands of caregivers at more than 150 healthcare organizations throughout the United States.
“The next phase of technology adoption is progressing from individual hospitals to multi-site health systems that need to deploy a system-wide standard for caregiver communication,” said Trey Lauderdale, Founder and CEO of Voalte. “Ascension Ventures and Cerner are industry leaders and recognize how Voalte solutions help hospitals improve care coordination and patient care. I’m excited about the partnership and how it will enable us to continue to push the envelope on advancing healthcare communication.”
Capitalizing on market demand for secure mobile communication
A number of factors are fueling investor interest in Voalte, including research forecasts that the global mHealth market will grow at a compound annual rate of 47.6 percent in the next five years, from $14.5 billion in 2015 to $49 billion in 2020. The market growth parallels industry analysts’ observations that mobile communication will be key to supporting new healthcare delivery models.
“Providing high-quality, compassionate and personalized care is central to our mission, and requires extraordinary communication and collaboration,” said Victor Kats, Managing Director at Ascension Ventures, a strategic healthcare venture fund with $550 million in capital under management. “It is exciting to see how the Voalte healthcare communication platform strongly aligns with our limited partners’ mobile communication strategies.”
“Voalte provides communication capabilities for Cerner’s CareAware Connect smartphone communication solution,” said William Gish, Senior Director at Cerner Corporation, a global leader in healthcare information technology. “We are pleased to continue our partnership with Voalte.”
Bedford Funding, a leading technology-focused private equity firm, invested $36 million in Voalte in February 2014. “The market demands an enterprise-grade, secure healthcare communication platform solution to improve clinical workflow and ultimately deliver better patient care at a lower cost,” said Charles Jones, Managing Partner at Bedford Funding. “We are confident Voalte can deliver on those needs, and we are pleased to offer our continued support.”